Re: How Much Is A Credit Score (FICO) Worth?

joetaxpayer <joetaxpayer@[EMAIL PROTECTED]
> wrote:
> Daniel T. wrote:
> 
> > Are you saying that if he has no/low FICO he should behave
> > differently over the next four years than if he has a high FICO?
> > If so, what would those differences be?
> 
> You suggested he get loans and pay a huge amount of interest.

Not really. I suggested that doing so would raise his FICO, I didn't
suggest that he actually *should* do it.

> My suggestion if he needs to do anything is to get a credit card or
> two, and just use them. Buy gas/groceries on the card(s). Pay in
> full each month. That's all.

I suspect that neither of us know which of the above, if either, will
actually help a credit rating or by how much. However...

> Of course, buy the darned score for $8 would render much of this
> dialog moot, now, wouldn't it?

How so? Are you saying that if his score is low then he should use
credit cards as you suggest, but if it is high he should use them
some other way, (or not use them at all?)

Frankly, I don't see how knowing his score now will help him in any
way. Can you explain it to me?

--------------------------------------
Misc.invest.financial-plan is a moderated newsgroup where Moderators
strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond.  For all of the other tips and suggestions, see "FROM
THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on
the
Newsgroup.